Lender would like to provide the borrower with a HELOC. The collateral is listed as vacant land on the title work, he says that land is part of the homestead. Can this be a HELOC?
I have seen the guidance that if the parcel without the house is part of the homestead, the we can make home equity loan secured by it. Further, that if we HAVE to consider this type of loan a Home Equity loan.
This guidance appears to be from 2009, I just want to make sure if someone out there would concur with that guidance or if its bullocks.
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